Fund Beginning Balance

[RivertonCC]

V.14; new user
I have a Faith Promise Fund that has a beginning balance. How do I get this $ assigned to this fund from the General Fund?

[NeilZ]

V.14; new user
I have a Faith Promise Fund that has a beginning balance. How do I get this $ assigned to this fund from the General Fund?

Please explain in more detail. Are you trying to add a beginning balance? Should I assume that they both use the same checking account?? Are they separate checking accounts? Is this fund a separate Accounting Fund or is it a donor restricted account?

[RivertonCC]

We have 1 checking account that is tied to all of our fund accounts. I did set up the beginning balance to the checking account at the time of set up. All of our funds are tied back to 1 checking account. The 2 funds that have balances to bring into the software is Faith Promise which is donor restricted and Christmas Food Baskets which is not donor restricted.

[NeilZ]

We have 1 checking account that is tied to all of our fund accounts. I did set up the beginning balance to the checking account at the time of set up. All of our funds are tied back to 1 checking account. The 2 funds that have balances to bring into the software is Faith Promise which is donor restricted and Christmas Food Baskets which is not donor restricted.

If the funds are already in the checking account, they should also be part of the unrestricted net assets account, which usually defaults to 01-3110-000. What you need to do is DEBIT the 01-3110-000 account and CREDIT the net asset account for each of those two funds for the starting balance amounts.

For example, if the two other funds are listed as 01-3120-000 - baskets net assets, and 01-3210-000 - promise net assets the Fund Accounting transactions would look like this if we assume the amounts are 1000.00 and 2000.00 respectively:

01-3110-000 unrestricted net assets DEBIT 1000.00
01-3120-000 unrestricted basket CREDIT 1000.00

01-3110-000 unrestricted net assets DEBIT 2000.00
01-3210-000 restricted promise CREDIT 2000.00

I would do this in two separate transactions, and in the note section of the transaction, list exactly why you created these transactions, IE: Opening Balances.